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Tuvalu Consolidated Legislation - 2008 Edition

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Provident Fund Act - Provident Fund (Special Death Benefit Fund) Regulations

LAWS OF TUVALU
2008 Revised Edition


PROVIDENT FUND (SPECIAL DEATH BENEFIT FUND) REGULATIONS


CAP. 32.08.8


MADE UNDER SECTION 3 OF THE PROVIDENT FUND ACT )


1 Short title and commencement


(1) These regulations may be cited as the Provident Fund (Special Death Benefit Fund) Regulations.

(2) These regulations shall come into operation on a day to be appointed by the Minister by notice.

2 Interpretation


(1) In these regulations, "appointed date" means the date on which these regulations come into operation.

(2) In these regulations, unless the context otherwise requires —





Distribution of Assets


(1) The total amount to be distributed under section 3 of the Tuvalu National Provident Fund (Amendment) Act 1999 is the audited balance of the Special Fund as at the appointed date.

(2) The amount to be distributed to each eligible member shall be determined by the formula:

Amount = A x B/C, where —


A = the audited balance of the Special Fund on the appointed date;


B = the total contributions made to the Special Fund by the eligible member; and


C = the total contributions made to the Special Fund by all eligible members.


(3) The amount distributed to each eligible member shall be payable —



(4) If an eligible member, whom the Manager believes to have been alive on the appointed date, cannot be traced within six months after the appointed date, the distribution in respect of that member shall be retained in an identifiable form in a special reserve within the Fund for seven years from the appointed date, after which any unclaimed distribution shall be transferred to the general reserves of the Fund.


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